Tag Archives: alma realty

The owner of another Astoria waterfront site with potential for a large development could sell the property for four times its last selling price as the neighborhood continues its hot streak.

The property at 30-55 Vernon Blvd., which Eastone 26 Ave LLC bought for $8.2 million last year, is now up for sale again and there have been offers of around $35 million, said Stephen Preuss of real estate firm Massey Knakal,which is marketing the site.

At that price, the property would trade for nearly $230 per buildable square foot, which would rank among the top land prices in Astoria. This would mean that prospective owners would most likely focus on a residential development to cover the purchase price and maximize profits, Preuss said.

Currently, a warehouse and parking lot occupy the 37,116-square-foot site, enough to erect a structure with 140,665 buildable square feet.

If air rights from the adjacent residential properties were purchased or a rezoning occurred, the property could have up to 220,000 buildable square feet, Preuss said.

30-55 Vernon Blvd. Photo courtesy of Scott Bintner/PropertyShark

Preuss imagined the best use for the site would be a mixed-use development with ground-floor retail, an office or event space on the second floor, and condos on the remaining floors.

“This area is quickly emerging, and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” Preuss said.

The City Council voted overwhelmingly to approve the Astoria Cove mega development on Tuesday, clearing the way for the major land use project.

The project now goes to Mayor Bill de Blasio for his likely approval. He has already praised the project after concessions were made by the developer to boost the amount of affordable housing included. He has five days to either sign or veto the measure.

Now more than 460 units of the 1,723 total apartments throughout the 2.2-million-square-foot project on the Astoria waterfront will be affordable housing.

Developers also agreed to hire union labor for construction and building maintenance jobs associated with the project, and commit to building a ferry dock.

“This agreement shows what we can achieve when the private and public sectors work together,” Astoria Councilman Costa Constantinides said. “This agreement provides real benefits to the neighborhood and will help further link our booming communities along the East River.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is anticipated to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, a school and some retail.

Astoria Cove developers delayed the City Council Land Use Committee vote on Wednesday to strike a last minute deal with politicians and win approval for the project.

Based on the agreement, the number of below-market rate housing in the development will increase to 27 percent from 20 percent. About 468 units of the 1,723 total apartments throughout the 2.2 million square foot project on the Astoria waterfront will be deemed affordable.

Developers also agreed to hire union labor for construction and building maintenance jobs associated with the project, and commit to building a ferry dock.

“The agreement will help transform Astoria for the better,” Constantinides said. “For the first time in city history, this developer will be required by law to provide permanently affordable housing that is within the reach of Astorians.”

The project still has to go through a full City Council vote on Nov. 25.

“The modified Astoria Cove proposal is consistent with Queens’ commitment to responsible development and is now closer to par with many of our chief concerns, namely housing, transit options and skilled labor,” Katz said in a statement. “Once built, this project will become a landmark accomplishment that we can be proud of here in the Borough of Queens.”

Astoria Cove will consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is anticipated to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, a school and some retail.

Real estate investor and developer Shibber Khan bought a plot of land at 11-12 30th Dr., which has up to 460,000 buildable square feet, for $57 million, according to a published report. Vernon Realty Associates is the seller.

Currently, a one-story warehouse occupied by Bohea Associates sits on the land, but the property can have residential buildings of up to 10 stories, Crain’s reported.

Hundreds of construction and building maintenance workers and Astoria residents are expected to turn out, hoping to urge the Council to vote against the land-use application for the project as it currently stands.

The advocacy organization believes the plan does not offer enough affordable housing and is also fighting for more jobs for unionized workers. The project calls for 345 units or 20 percent of the 1,723 dwellings to be affordable housing.

“The owner of an Astoria ramen restaurant is opening a location on Vernon Boulevard. The restaurant, which is expected to be called Tamashii Blue, will be located 47-36 Vernon Boulevard.” Read more [LIC Post]

“The face of Greenpoint Avenue—between 47th and 48th Streets—is going to change as three long-time stores are closing. King Boulevard, SSS Video and Azteca Restaurant have all been notified that they have to leave—as the owner of the property is selling it.” Read more [Sunnyside Post]

Astoria Cove developers recently finalized the sale for the final bits of the land designated for the mega project, although they have yet to win any steps in the project’s land use case.

In the transaction, 2030 Astoria Developers LLC, the group behind the 2.2-million-square-foot project, bought four lots from Superior Steel Studs Inc. for $40.02 million, according to city records filed on Monday. The lots’ addresses are 8-51, 8-01, 4-55 and 4-57 26th Ave.

An additional lot on 4-34 26th Avenue was bought for $3.48 million from Rayan Realty Corp., according to city records.

The developers now own all properties associated with the project, according to Howard Weiss of Davidoff Hutcher & Citron, which represents the team of developers led by Queens-based Alma Realty.

However, the project still has to clear its Uniform Land Use Review Procedure (ULURP) case. The City Planning Commission plans to hold a meeting on Sept. 29 about its decision on the proposal. Weiss said they are confident they’ll receive the commission’s blessing.

“I believe the City Planning Commission will approve the project as proposed with respect to the affordable housing and with respect to all the [aspects] of the Astoria Cove project,” Weiss said. “The reason why I feel confident is because the Astoria Cove project is consistent with the mayor’s housing plan.”

But most opponents of the development are hoping to see a change in the affordable housing part of the proposal.

More affordable housing in the Astoria Cove project was once again front and center with critics, this time at a City Planning public hearing on the project.

Members of coalitions and residents testified on Wednesday that the 2.2 million-square-foot project should include at least 50 percent affordable housing, while developers are proposing just 345 units or 20 percent of the 1,723 dwellings.

“Soon they will take over the whole place and they will chase us out. Twenty percent of affordable housing is not enough for Queens,” a representative of New York Communities for Change testified at the meeting in Manhattan.

“If Astoria Cove becomes just another glitzy playground for the wealthy elite, it will be a huge step backward — the opposite of progress,” he said.

Howard Weiss of the law firm Davidoff Hutcher & Citron, which represents developers Alma Realty, defended the project, calling it “the crown jewel in the reclamation of the Queens waterfront.”

In their recommendations to deny the project, both Community Board 1 and Borough President Melinda Katz suggested that the developers increase the units for affordable housing.

The City Planning Commission queried about the breakdown of the mix of housing in the plan, but it could not be provided yet.

“In looking at this project over a 10-year phasing plan, one has to keep in mind that market conditions can change,” Weiss said. “At present, it’s really too early to determine what mix will be.”

The commission also asked about main concerns the community and Katz had, including building the new elementary school in an earlier phase, and transportation options.

Prior to the public hearing, Weiss said developers are making public transportation commitments to ease community traffic concerns for the incoming residents in the area, which Katz called “insufficient” in terms of transportation options.

The plans include adding a shuttle bus to and from nearby subway stations, and there will be a spot for a ferry terminal, in case the city decides to add ferry service to the area.

Astoria Cove is expected to consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is expected to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space.

At the public hearing, residents and union members from 32BJ SEIU asked that local jobs be set aside for local workers.

The City Planning Commission will issue its recommendations after its 60-day review. The proposal will then go to the City Council for a vote.

Councilman Costa Constantinides said he may not support it.

“Both Community Board 1 and Borough President Katz have voted against the Astoria Cove development with recommendations,” he said. “If the development is not integrated into our neighborhood in a way that benefits the community, I will be unable to support it.”

A local community board has told developers if they want to move forward with a proposed development on the Astoria waterfront, they had better pay attention to the board’s suggestions.

One week after Architect Jay Valgora of STUDIO V Architecture presented the approximately 1.7-million-square-foot mixed-use development known as Astoria Cove to Community Board (CB) 1, board members voted against the proposal unless developers follow recommendations given by the board.

“We have put down in writing the recommendations that we think will help improve the situation there and will make the Astoria west area productive and really something to be proud of in our community district,” said Elizabeth Erion, assistant chair of CB1’s zoning and variance committee.

The four pages of conditions included an increase of affordable housing units from 20 percent to 35 percent dispersed throughout all five buildings of the site and be included in every construction phase; increase of parking spaces; priority of construction and permanent jobs given to local residents and youth; commercial space set aside for recreational and medical facilities; and the importance of the 456-seat public elementary school constructed at the site.

The proposed Astoria Cove by developers Alma Realty is expected to consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building.

The project, which is expected to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space.

Howard Weiss, attorney for Alma Realty, said his clients are happy the community board did not raise objections to the project and most of the conditions presented have already been changed. He said that developers will be submitting revisions to the proposal.

“[The community board] had some concerns and they expressed those concerns,” Weiss said. “But the important thing is that if you listen carefully to their vote they support the project itself.”

Although Weiss said developers are working with Department of City Planning to increase the number of affordable housing units, 35 percent would not be “realistic.”

“We are working with City Planning to increase the number of affordable units to what would be a realistically and economically viable affordable housing density,” he said.

The Astoria Cove proposal will now head to the borough president and make its way to the City Council by the late fall.

The process to bring an approximately 1.7-million-square-foot mixed-use development to the Astoria waterfront got off to a bumpy start as developers presented their proposal to the local community board.

Architect Jay Valgora of STUDIO V Architecture presented the proposed development known as Astoria Cove to Community Board (CB) 1 Tuesday night as the first step in the Uniform Land Use Review Process (ULURP) for the project.

“Today this waterfront is not accessible,” Valgora said. “It’s really not an amenity or asset for the community and we would like to tie that back in and create a wonderful extension to the community.”

The proposed Astoria Cove by developers Alma Realty is expected to consist of five buildings, three on the waterfront ranging from 26 to 32 stories and two on the upland portion of the site, including a six-story residential building and 456-seat public elementary school.

The project, which is expected to take more than 10 years to complete in four different phases, will also include about 84,000 square feet of publicly accessible open space, featuring a waterfront esplanade, children’s playground for various ages and streetscape design through the site.

“We think it’s just going to bring life and activity to this neighborhood,” Valgora said.

However the project was met with concerns from community board members who brought up issues of safety, handicap accessibility, affordable housing, parking, a medical center at the site, and construction and permanent jobs.

Along with the board members, more than 50 people signed up to speak on the project including members of Build Up NYC, an alliance of construction and building service workers. The alliance called on the community board to recommend Alma Realty ensure good and safe jobs with fair wages and benefits, protect workers and the community by removing asbestos and other toxins, create opportunities for local residents and much more.

“Alma Realty has an opportunity to create good, safe jobs with priority hiring for local residents and opportunities for local businesses,” said Gary LaBarbera, president of Build Up NYC. “But they haven’t made a commitment to do so. We need good jobs and affordable housing to keep the middle class strong.”

One of the main concerns shared by speakers was the number of affordable housing units at Astoria Cove. The site is expected to have 295 affordable housing units throughout the entire site, down from initially reported 340 units.

“We might be middle class but we’re not idiots and we can see the writing on the wall; we are not wanted at Astoria Cove,” said Astoria resident Tyler Ocon. “The community board is the first line of defense now against these underhanded tactics. Without the originally promised affordable housing units and a guarantee that these units will remain forever affordable, this project will be the first gust of wind that ships Astoria’s middle and working class up the East River.”

Howard Weiss, attorney for Alma Realty, said developers are in talks with the Department of City Planning to increase the number of units but will not have the number in time for the community board’s decision.

Residents also said they are concerned the development would increase rents, pushing out those currently living in the community.

On the other end, some speakers expressed excitement on the idea of the economic benefits and opportunities of the development. Both Jack Friedman, executive director of the Queens Chamber of Commerce, and Brian McCabe, COO of New York Water Taxi, spoke on the possibility of a ferry terminal being located at the site.

After the last speaker took the podium, CB 1 Chair Vinicio Donato said the board’s land use committee would vote on the proposal the following week. If the board approves it, the proposal will head to the borough president and make its way to the City Council by the late fall.

“Remember, the key word is recommendation. We have no authority to force anyone to do anything,” Donato said.

Long Island City’s “Apple Building” – currently eaten to its core – will soon be ripe again.

The edifice, located at 30-30 Northern Boulevard and known for the large sign on its roof – left behind by the Apple Red Tag & Label company when it ceased operations in the 1970s – has been mostly vacant for over a decade and is currently in disarray.

Alma Realty, the building’s developer, is planning to restore and renovate the structure into a retail and commercial complex by this time next year. The developers also aim to raise the building’s square footage from about 180,000 to roughly 270,000 by increasing the number of stories from five to seven. Once completed, the building will include a fitness center, cafeteria and rooftop terrace.

George Valiotis, the Alma Realty project director, anticipates a strong demand in retail in the upcoming years, and believes the site could be very appealing to tech and media firms. Valiotis went on to say that Alma has had preliminary negotiations with several universities about building a campus on the site – complete a culture center, museum, 2,000-seat amphitheatre and dormitory – which he hopes would open in five years.

“We think this is great for L.I.C.,” Valiotis said. “It will create foot traffic for other businesses to open up in the surrounding area. If the building is filled up with offices and there are hundreds of people working there, restaurants, cafes and stores will open in the area. It brings life to an area which for a long time was underutilized. L.I.C. is a great place to live, work and play and if people work there then they will live and play there too.”

According to Valiotis, the exterior work necessary is substantial, and the interior will be based on tenants’ requests. Valiotis said the signature sign on the building’s roof will be restored, but kept in place. Although Alma has yet to receive a building permit, the company has begun fixing violations and performing demolition work. The developers have also applied for Leadership in Energy and Environmental Design (LEED) Gold Certification – a prestigious designation awarded to eco-friendly buildings.

“The Apple Building,” which was erected in 1913, was sold to Alma in 2011. The previous developer intended to build a 19-story dormitory on the site, and the last tenant the building had was a topless bar.

Community leaders have strongly supported the building’s renovation – anticipating that retail and commercial space will compliment the restaurants and shops recently opened in the Queens Plaza area.

Jerry Walsh, president of the Dutch Kills Civic Association, expects the area’s economy to improve greatly, and he hopes to hold discussions with Alma regarding the project in the future. Although he would have preferred the city purchase the building to construct a hospital, Walsh says Alma’s plans are a great positive for the neighborhood and residents are pleased.